If you are holding shares in an unlisted company then, you are required to disclose the details of your holdings in ITR-2. The details required are extensive - name of the company, PAN of the company, number and cost of acquisition at the beginning of the year, number of shares, face value, issue price (or purchase price) and date of purchase of shares acquired during the year, number and sale consideration of shares transferred during the year, number and cost of acquisition of shares held at the end of the previous year.
Wadhwa says, "Such information is being sought so as to get the footprints of transactions of purchase and sale of unlisted shares. It will also help the department to check whether income and net worth of a shareholder is in corroboration with the amount invested by him in an unlisted company. If it does not reconcile, the department can initiate the enquiry to verify if some unaccounted money is invested in an unlisted company."
Wadhwa says, "Such information is being sought so as to get the footprints of transactions of purchase and sale of unlisted shares. It will also help the department to check whether income and net worth of a shareholder is in corroboration with the amount invested by him in an unlisted company. If it does not reconcile, the department can initiate the enquiry to verify if some unaccounted money is invested in an unlisted company."
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